(1) TRUE OR FALSE QUESTIONS Indicate whether the following statements are True or False. Motivate all your answers. 1. 2. The main objective of any sports club is to make a profit. A sports club's accounting records must comply with the Generally Accepted Accounting Practice (GAAP). 3. 4. An increase or decrease of cash is termed 'change in the Cash Flow'.. 5. The mark-up on trading inventory refers to the Rand amount of gross profit added to the cost of the goods in order to determine the selling price. Non-Current assets consists of cash and all other assets which one reasonably expects to be realised in cash, sold, or consumed within the normal business cycle of the entity, or, if the cycle is less than a year, then within a year If a partner devotes a considerable part of his or her time to the business, whereas the other partner or partners do not, it is usual to allow the partner who devotes his or her time to the business a salary. Try" FAL